Find out the advantages and disadvantages of saving money in piggy banks
It’s always a good idea to leave some cash for a rainy day or for a future purchase. But where you put it is a personal choice depending on your considerations. Do you have security in mind? Or maybe it’s convenience? Whatever they are, you may have thought about getting a piggy bank to store a little extra cash. It may help if you understand what is involved in using one of them. There are obvious advantages as well as disadvantages that come with piggy banks.
Advantages
We all have spare change left over from grocery shopping and other small purchases, and sometimes we just spread it around the house because we don’t have a central place to deposit it. A coin bank will allow you to keep track of small amounts of money that might otherwise just be lying around or get lost. It can also be a great way to save on a small purchase, like something you saw on sale at the store down the road. Small, regular deposits in the piggy bank will accumulate enough to reach the desired amount. There are some large piggy banks that are handy for growing decent savings, so this may be of interest to you.
Most piggy banks or coin banks are pleasing to look at because of their very design. This means that in addition to using them to collect money, you can also use them as decorative items in the house. The piggy bank may not necessarily be in the design of a pig, but some are modeled after other animals or objects. So you can choose to become a collector of them and have them do the double duty of storing your money and freshening up your house.
Disadvantages
When you save money, it’s usually for a specific reason. Therefore, it is in your best interest to make sure you accumulate enough to reach your goal. For example, if you’re saving up to treat yourself to a night out at the weekend, you might be tempted to use the money for something else during the week because it’s readily available. This requires exercising self-control and discipline so you don’t raid the piggy bank on a whim just because it’s convenient.
There really aren’t any downsides to keeping cash in a piggy bank, except that you might be tempted to withdraw some money when you need it. But it’s really not such a bad idea to withdraw money when you need it. Piggy banks serve as an immediate backup plan. You have to go to the bank and withdraw money and that takes time and energy. On the other hand, withdrawing money from home is very easy.
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